Iraq War Has Destabilized Oil Prices

Qatari Oil Minister Abdullah bin Hamed al-Attiyah, said on May 15, 2004 that rising oil prices could be attributed to “geopolitics and security fears.” Attiyah estimated Middle East instability was adding an $8 premium to the price of one barrel of crude oil, which stood in New York on Friday at $41.50 – a 30 year high. Prior to the Iraq war, oil prices hovered near $30 per barrel. Similarly, when the United States initiated the first Gulf War, prices skyrocketed from a low of $15 per barrel to nearly $35 per barrel. Therefore, assertions that America went to war in Iraq for control of the world oil supply is nonsense, as American military involvement in the region during both wars has had a negative impact on the U.S. economy and led to increased instability in the world oil market. We're there to bring democracy to the Middle East and to rid the world of a tyrant.